Interim Report Q1, 2021 – Turnover exceeding previous full year
CEO Statement
The pandemic continues to affect our industry in many ways. But although the room for long-term digitalisation decisions is small right now, FRISQ’s pilot projects continue to run as planned or better. Our clients’ innovation continue to depend heavily on FRISQ Care and we have in several instances been asked to increase our involvement. The feedback from care professionals on our ongoing product developments, is very encouraging. The burden of administrative tasks is reduced, patients’ care processes become more quality-assured and fewer treatments are cancelled.
In line with this, I am pleased to report a Q1 turnover that already exceeds our previous full year (as well as the full year 2019). That said, we are of course far from content with the current level of sales. We are still at an early stage of a commercial journey that is affected by a pandemic that continues to push opportunities forward in time, in ways that have been gradual and unpredictable. However, on a positive note, we have over the past months also seen that more and more care providers are looking for new ways of providing remote and more efficient healthcare to the large group of comorbidity non-covid patients that need long term treatment. For this group of patients FRISQ Care is the perfect tool.
I am more than ever proud and excited when I see the potential to achieve better health outcomes by turning medical records into bridges between doctors, patients and care teams, based on best practice, modern digital habits and motivational nudging. I am certain that it will prove crucial to be an experienced, well-compliant provider of running implementations that meet high functionality demands when more decision makers will turn their heads towards the next steps in the digitalisation of healthcare processes.
George Thaw, CEO FRISQ
Financial summary First Quarter 2021
• Reported net revenue amounted to 2.0 mSEK (0.6)
• Other revenue amounted to 0.3 mSEK (0.0)
• Earnings per share amounted to -0.4 SEK (-0.8)
• Cash flow amounted to -18.5 mSEK (45.2)
• Cash at the end of the period amounted to 69.3 mSEK (71.9)
• Comprehensive income amounted to -19.9 mSEK (-23.6)
Events during the quarter:
• Contract signed with Gravitate Health; FRISQ nominated Digital Expertise Partner. Gravitate Health is a public-private partnership finance by the EU Commission and lead by the University of Oslo in cooperation with Pfizer.
• The new issue, conducted in November, was registered in January 2021, whereby the number of shares increased by 15,750,000 to 47,954,773 shares.
• The AGM resolved, in accordance with the proposal put fourth by the Board of Directors, to establish an incentive program through issuance of a maximum of 2,000,000 warrants to senior executives, employees and other key individuals. The Company's share capital may increase by no more than SEK 100,000.
• FRISQ published a series of articles that, based on empirical evidences, shows a strong demand for improved digital tools aimed to support communications and interactions within the healthcare sector – a need that FRISQ can be a part of alleviating.
Events after the period:
• Ulrika Jones nominated as CFO
Financial Calendar
Publication dates for interim and full year reports for 2021:
- Second quarter report to be published on July 15, 2021
- Third quarter report to be published on October 28, 2021
- Full year report to be published on January 27, 2022